AP Moller Holding has agreed to acquire Norwegian shipleasing specialist Ocean Yield from funds managed by US investment company Kohlberg Kravis Roberts (KKR), according to Splash247. No price was disclosed for the transaction, which will see a subsidiary of the Danish investment company take 100% of the Lysaker-based owner.
Strategic Rationale
Martin Larsen, chief financial officer of AP Moller Holding, said Ocean Yield's business model is "an excellent complement" to the group's existing maritime portfolio, according to the report. The deal brings Ocean Yield into the AP Moller Group's maritime portfolio, adding a large shipleasing platform with contracted cash flows across several shipping segments.
Andreas Røde, chief executive officer of Ocean Yield, noted that the company had been built into a globally diversified leasing platform since KKR took it private in 2021.
Deal Background and Financial Context
KKR acquired Ocean Yield in a take-private deal worth about $830 million after the company had spent nine years listed in Oslo, Splash247 reported. Under KKR ownership, Ocean Yield invested more than $3 billion in its fleet and nearly doubled its long-term contracted backlog to more than $5 billion.
| Metric | Under KKR (since 2021) |
|---|---|
| Fleet investment | >$3 billion |
| Long-term contracted backlog | >$5 billion (nearly doubled) |
| Initial acquisition price | ~$830 million |
KKR will remain a strategic partner to Ocean Yield through the CapeOmega Gas Transportation investment, the source added.
Fleet and Market Position
Ocean Yield owns interests in more than 70 vessels across multiple shipping segments, as detailed by Splash247:
- Gas carriers and LNG carriers
- Containerships
- Crude, product and chemical tankers
- Dry bulk carriers
- Offshore vessels
Ocean Yield has continued to grow in LNG under KKR. Splash247 reported last year that the company moved further into the sector through a joint investment with KKR in CapeOmega, which has exposure to 10 LNG carriers operated by Knutsen LNG and fixed to Shell, Engie and QatarEnergy.
Broader Maritime Buildout by AP Moller Holding
The acquisition follows a wider buildout of AP Moller Holding's maritime interests, according to the source. The Danish group acquired Maersk Supply Service in 2023, while Maersk Tankers completed its acquisition of Penfield Marine at the beginning of 2024. AP Moller Holding also took tug owner Svitzer private last year after a voluntary offer for all shares.
| Acquisition | Year |
|---|---|
| Maersk Supply Service | 2023 |
| Maersk Tankers / Penfield Marine | 2024 |
| Svitzer | 2025 |
| Ocean Yield | 2026 (pending) |
Next Milestones
Completion of the Ocean Yield transaction is subject to customary regulatory approvals, Splash247 reported. No specific timeline for closing was disclosed.
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